An honorarium is a sum of money paid to someone for providing a service or winning a reward. However, many people do not understand honorarium meaning. This method of payment is usually made to a guest speaker or lecturer who visits school and college campuses to deliver lectures. It is a token of appreciation for their services.
Guidelines on honorarium payments
- Honorarium payments are made to guest lecturers for one-time services. For example, if a guest lecturer visits a university or college campus for one-time teaching or speaking engagements, they can receive an honorarium. However, honoraria payments do not have fixed time or date stipulations. Moreover, the payment may take up to 30 days.
- Honorarium payments must not be recurring to the same individual.
- Honorarium payments are different from standard salary payments.
How does an Honorarium work?
Many people are confused about honorarium meaning and do not know how to calculate the amount to be paid. To determine the amount of honorarium payments, the amount of work put into delivering or creating service is calculated. For example, to deliver a lecture of one hour, an educator may have spent three days in preparation. Moreover, they may require time to perfect their speech. Also, there is the time involved in traveling to the venue. All these factors are considered when calculating the amount of honorarium payments.
Knowing honorarium meaning and the method of calculating payments is vital. Also, note that honorarium payments are taxable. Educational organizations must inform the tax liabilities to guest lecturers beforehand.